Answerthink Increases Share Repurchase Program
May 11 2005 - 9:49AM
Business Wire
Answerthink, Inc. (Nasdaq:ANSR), a strategic business and
technology consulting firm, today announced that its Board of
Directors approved a $5 million increase in the size of the
Company's share repurchase program. The program was approved in
July 2002 with a $5 million limit on the dollar value of the shares
that could be repurchased under the program. This limit was
increased by an additional $5 million in June 2003, May 2004, July
2004 and November 2004. This increase raises the total
authorization under the program to $30 million. To date, the
Company has repurchased approximately 6.2 million shares of common
stock for $20.6 million under the program. Any purchases made under
the program may be made in the open market or through
privately-negotiated transactions, subject to market conditions and
trading restrictions. At the end of the first fiscal quarter of
2005, Answerthink had approximately 43 million shares outstanding.
This additional authorization to the repurchase program is
effective immediately. About Answerthink Answerthink, Inc.,
http://www.answerthink.com , is a strategic business advisory and
technology consulting firm that enables companies to achieve
world-class business performance. By leveraging the comprehensive
database of The Hackett Group, the world's leading repository of
enterprise best practice metrics and business process knowledge,
Answerthink's business and technology solutions help clients
significantly improve performance and maximize returns on
technology investments. Answerthink's capabilities include
benchmarking, business transformation, business applications,
business intelligence, and offshore application development and
support. Founded in 1997, Answerthink has offices throughout the
United States and in Europe and India. About The Hackett Group The
Hackett Group - http://www.thehackettgroup.com -, a business
process advisory firm and an Answerthink company, is a global
leader in best practice research, benchmarking and transformation
advisory services that empower executives to achieve world-class
enterprise performance. Only The Hackett Group empirically defines
world-class performance in sales, general and administrative
(SG&A) and supply chain activities with analysis gained through
3,300 benchmark studies over 13 years at more than 1,865 of the
world's leading companies. The foundation of Hackett's benchmarks,
transformation services, and membership-based advisory programs is
our proprietary database of Hackett-Certified(SM) Practices,
approaches which are proven to correlate with superior performance
metrics. This unparalleled knowledge repository enables Hackett
business advisors to provide data, advice, and strategic insight
with a level of integrity and authority available nowhere else. As
of this writing, Hackett clients comprise 93 percent of the Dow
Jones Industrials, 80 percent of the Fortune 100 and 90 percent of
the Dow Jones Global Titans Index. This press release contains
"forward looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve known and
unknown risks, uncertainties and other factors that may cause the
Company's actual results, performance or achievements to be
materially different from the results, performance or achievements
expressed or implied by the forward looking statements. Factors
that impact such forward looking statements include, among others,
our ability to effectively integrate acquisitions into our
operations, our ability to attract additional business, our ability
to effectively market and sell our recently launched transformation
advisory product offerings and other new services, the timing of
projects and the potential for contract cancellations by our
customers, changes in expectations regarding the information
technology industry, our ability to attract and retain skilled
employees, possible changes in collections of accounts receivable,
risks of competition, price and margin trends, changes in general
economic conditions and interest rates as well as other risks
detailed in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2004 filed with the Securities and Exchange
Commission. We undertake no obligation to update or revise publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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